Laserfiche WebLink
24 7�3 <br />STATE OF NORTH CAROLINA ) AGREEMENT <br />REGARDING INCENTIVE FUNDS FOR <br />COUNTY OF LEE ) CLOVERLEAF COLD STORAGE <br />THIS AGREEMENT, made and entered into this the day of <br />2012, by and between LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION, a <br />North Carolina non -profit corporation (hereinafter "LCEDC "), and CLOVERLEAF COLD <br />STORAGE COMPANY, a company with an office and place of business in Sanford, N.C. <br />(hereinafter "COMPANY "); <br />WITNESSETH: <br />WHEREAS, the LCEDC has entered into agreements with Lee County (hereinafter <br />"COUNTY" and the City of Sanford (hereinafter "CITY ") with regard to providing economic <br />development funds in support of the expansion of the COMPANY'S facility as described in the <br />contracts which are attached as Exhibits "A" and `B "; and <br />In consideration of the foregoing, the benefits accruing to the COMPANY and the <br />representations and mutual promises contained herein, the parties have agreed as follows: <br />1. Representations by the COMPANY. The COMPANY makes the following <br />representations as the basis for the undertakings on its part herein contained: <br />a. The Company is an Ohio corporation duly existing and in good standing <br />under the laws of the State of North Carolina. The Company has the <br />power and authority to enter into this Agreement, to perform its <br />obligations under the agreement and consummate the transaction <br />contemplated by this Agreement, and has by proper action duly authorized <br />the execution and delivery of this Agreement. <br />b. Neither the execution or delivery of this Agreement nor the performance <br />of the obligations under or consummation of the transactions contemplated <br />by this Agreement violates or will violate any law or governmental order, <br />conflict or will conflict with any provisions of the Articles of <br />Incorporation or the By -Laws of the COMPANY or any material term or <br />provision of any agreement or instrument to which the COMPANY is a <br />party or by which it is bound, or constitutes or will constitute a material <br />breach of or a default under any such agreement or instrument. <br />C. The project consists of the expansion of the COMPANY to add 40,000 <br />square feet to its processing facility and 65,000 square feet to its freezer <br />storage space on property leased by it in the City of Sanford, Lee County, <br />North Carolina, which will have a cumulative initial ad valorem taxable <br />value (prior to depreciation) of at least $12,000,000 (TWELVE MILLION <br />2 of 29 <br />